Price got rejected at the high again today, so where does that leave us. Here's the 15 min chart, and I want to zoom in to this orange box and look at the 5 min chart up close.
If you've been following me for some time you know I'm a big believer in market symmetry. Here is what the market is telling me with this move off the latest attempt at a new high.
Our wave 4 should have a fib relationship with wave 2. Generally this is 1:1 or 1:1.382. You'll notice that buyers came in when the market corrected to each of these levels. However, in both cases, buying dried up BEFORE making a new high. Price was then able to move down even further than both of these levels now making our wave 4 / wave 2 relationship out of whack. This is telling me that somewhere in this mix is VERY likely a failed 5th wave.
Now EW tells us that failed 5th waves result in swift price moves in the opposite direction. So, if this is the correct interpretation, we should see consistent selling the rest of the week. 1130 should come up soon and eventually the 1095/1100 level that I've been watching so closely.
Let us see...
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